Wrenbridge and Morgan Stanley Real Estate Investing acquire five-acre site in Waltham Cross
Wrenbridge and a subsidiary of an affiliate advised by Morgan Stanley Real Estate Investing (MSREI) have acquired a prime, five-acre site in Waltham Cross with a 13-month leaseback to the vendor.
The site, which had been on Wrenbridge’s radar for five years prior to the acquisition, benefits from instant access to major roadways including the M25, A10 and M11 and is situated within the well-established Lea Valley industrial area within walking distance of Waltham Cross railway station and the Town Centre.
Wrenbridge and MSREI intend to develop a new, high-quality logistics scheme comprising three units totalling over 116,000 sq ft and targeting a BREEAM Excellent rating. Planning is due to be submitted later this year with an aim to start on site in 2Q next year.
This new scheme has been designed to the highest sustainability standards, targeting Grade A and EPC A ratings, and will incorporate features such as electric charging points, rooftop-mounted photovoltaic panels and heating and cooling systems to reduce energy consumption.
The scheme sits only two minutes away from Wrenbridge’s most recently completed industrial scheme, Waltham X, which comprises six Grade A units ranging in size from 5,400 sq ft to 84,500 sq ft.
Ben Coles, Chief Executive of Wrenbridge Land, says; “We are delighted to be working with MSREI to deliver this new, high-profile logistics scheme in a stellar London location with excellent accessibility. This new scheme brings Wrenbridge’s total logistics pipeline to over 3m sq ft.”
Shamik Narotam, a Managing Director at MSREI, says: “We look forward to working with Wrenbridge on this new high-quality logistics scheme and are excited to explore future opportunities focussed on prime industrial development sites across the South East to serve last mile occupiers.”
Wrenbridge and MSREI were advised by Avison Young and CBRE.